Kraken Releases 2014 Financial Results

ST. JOHN'S, NL--(Marketwired - May 01, 2015) - Kraken Sonar Inc. (TSX VENTURE: PNG) today released its financial results for the year ended December 31, 2014.

Revenues for 2014 were $2,353,982, up from $576,049, an increase of 309% over the previous year. Gross profit for the year was $1,215,442 an increase of $772,493 over the year ended December 31, 2013. Net income excluding non-recurring expenses (such as RTO and employee share issuance expenses) of $1,682,408 is $372,168, compared to a loss of $136,926 in the previous year, an improvement of $501,594.

For further details please see the Financial Statements and Management's Discussion and Analysis for the year ended December 31, 2014 that are available on SEDAR at www.sedar.com.

ABOUT KRAKEN SONAR INC.
Kraken Sonar Inc. (TSX VENTURE: PNG) is an industrial technology company, founded in 2012, that is dedicated to the production and sale of software-centric Synthetic Aperture Sonar (SAS) technology. The Company's products have been sold to leading defence contractors, commercial survey companies and research institutions for producing real-time, ultra high resolution imagery and bathymetry of the seabed. Marine Technology Reporter has twice named Kraken to their MTR100 -- a list of the 100 most influential companies in the international marine technology marketplace. For more information, please visit www.krakensonar.com.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.